Russian stocks rise feeling support from foreign markets

MOSCOW, Aug 2 (PRIME) -- The Russian stock market grew on Monday as favorable dynamics of foreign markets supported local investors, analysts said.

The MOEX Russia Index rose 0.44% to 3,788.10 and the RTS increased 0.62% to 1,635.90.

“The Russian stock indices started the Monday trade with growth following other global floors. Falling prices for oil had zero impact on the positive mood of the market. In spite of contraction of the COVID-19 cases in Moscow, dynamics in Russia remain unfavorable,” Artemy Shamshukov, analyst at investment company Finam, said.

“The national market was in the green zone. … Positive dynamics of the Asian and European markets allowed it to ignore oil that was becoming cheaper. The U.S. dollar was weak in all directions, which showed that there was risk appetite. Statistics that Europe is releasing remained relatively robust, though the Chinese business activity indicators turned out to be worse than expected,” Andrei Kochetkov, leading analyst for global research at Otkritie Broker, said.

Veles Capital’s analyst Yelena Kozhukhova said that the background for the Russian market was mixed during the day as the European markets grew in reaction to favorable statistics on retail sales in Germany in June, and futures for the U.S. indices were rising in the first half of the day. At the same time, oil prices fell noticeably because the statistics showed a slowdown in the growth of activity in the Chinese production sector.

The Brent oil price shrank 2.838% to U.S. $73.27 per barrel as of 6.03 p.m. Moscow time, according to the ICE exchange.

Shares of oil and gas pipe producer TMK were in the lead today gaining 2.19% to 101.88 rubles as investors were still pricing in the recent dividend recommendation of the company’s board of directors, Kozhukhova said.

Shamshukov also said that shares of aluminum giant UC RUSAL grew 1.75% to 52.87 as the company supplied Russia’s first batch of lighting poles made from aluminum alloys in partnership with Krasnoyarsk Metallurgical Plant (KraMZ) and Alluminate.

Below are the MOEX Russia Index’ five most active stocks on Monday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-0.46	286.04	10.366
Sberbank	+0.64	307.55	8.956
Lukoil	+0.33	6320.00	5.357
Norilsk Nickel	0.00	25318.00	3.597
Rosneft	+1.16	550.80	2.723

(73.1388 rubles – U.S. $1)

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